SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U-3A-2
Statement by Holding Company Claiming Exemption
Under Rule U-3A-2 from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
PNM RESOURCES, INC.
PNM Resources, Inc. ("PNM Resources") hereby files with the
Securities and Exchange Commission (the "Commission"), pursuant to Rule 2,
its statement claiming exemption as a holding company from the provisions of
the Public Utility Holding Company Act of 1935, and submits the following
information:
1. Name, State of organization, location and nature of business of
claimant and every subsidiary thereof, other than any exempt wholesale generator
("EWG") or foreign utility company in which claimant directly or indirectly
holds an interest.
PNM Resources (originally formed under the name "Manzano Corporation")
was organized under the laws of New Mexico in 2000 as a subsidiary of Public
Service Company of New Mexico, a New Mexico corporation ("PNM"). Upon the
completion on December 31, 2001 of the share exchange between PNM and PNM
Resources, PNM became a wholly owned subsidiary of PNM Resources (the "Share
Exchange"). (1) PNM Resources has its principal offices at Alvarado Square,
Albuquerque, New Mexico 87158.
PNM Resources owns all of the issued and outstanding voting securities
of PNM. PNM owns all of the issued and outstanding voting securities of its sole
active subsidiary, Avistar Inc. (" Avistar"). PNM also directly owns all of the
issued and outstanding voting securities of the following inactive New Mexico
subsidiaries: PNM Electric & Gas Services, Inc. ("PNMEGS"); Meadows Resources,
Inc. ("Meadows"); Sunbelt Mining Company, Inc. ("Sunbelt"); Paragon Resources,
Inc. ("Paragon"); Sunterra Gas Gathering Company ("Sunterra GG"); and Sunterra
Gas Processing Company ("Sunterra GP"). There are also a number of indirectly
owned inactive subsidiaries. These are identified in the table below.
------------------------------
(1) This application by PNM Resources on Form U-3A-2 speaks as of
December 31, 2001, the date on which the share exchange between
PNM and PNM Resources became effective.
ACTIVE SUBSIDIARIES
PNM
PNM, a subsidiary of PNM Resources, is a public utility incorporated in
1917 under the laws of the State of New Mexico with principal offices at
Alvarado Square, Albuquerque, New Mexico 87158. PNM is a public utility
primarily engaged in the generation, transmission, distribution and sale of
electricity and the transmission, distribution and sale of natural gas. In 2000,
PNM began operating as three distinct business units: (1) Utility Operations,
(2) Generation and Trading Operations and (3) Unregulated Operations. The
Utility Operations business unit includes the electric service offering segment
("Electric") and the natural gas product offering segment ("Gas"). Electric
consists of the sale and distribution of electricity, as well as all activities
related to PNM's electric transmission operations. Gas includes the
transportation, distribution and sale of natural gas. Both Electric and Gas
include related activities such as marketing and customer service. The
Generation and Trading Operations business unit includes production and purchase
of electricity, the sale of electricity to Utility Operations (at an internally
developed transfer price) and wholesale sales of electricity and electricity
trading activities with third parties. The Unregulated Operations business unit
provides energy-related services to complement and enhance PNM's competencies in
the other two business units.
The total population of the area served by one or more of PNM's utility
services is estimated to be approximately 1.35 million, of which some 52.2% live
in the greater Albuquerque area.
AVISTAR
Avistar, a wholly-owned subsidiary of PNM, was formed in August 1999 as
a New Mexico corporation. Its principal offices are at Alvarado Square,
Albuquerque, New Mexico, 87158. Avistar is currently engaged in certain
non-utility businesses, including energy- and utility-related services
previously conducted by PNM. Pursuant to New Mexico Public Regulation Commission
("PRC") authority, PNM was authorized to invest up to $50 million in equity in
Avistar and was authorized to enter into a reciprocal loan agreement with
Avistar for up to $30 million. PNM has invested $50 million in Avistar, and
there are no amounts outstanding under the reciprocal loan agreement.
INACTIVE SUBSIDIARIES
DIRECT AND INDIRECT SUBSIDIARIES
RELATED TO PREVIOUS DIVERSIFICATION EFFORTS
PLACE OF
INCORPORATION OR ADDITIONAL
NAME ORGANIZATION INFORMATION
---- ----------------- ----------------
Meadows Resources, Inc. New Mexico Wholly owned subsidiary which
(Meadows) formerly developed and conducted
activities unrelated to utility
operations.
Bellamah Associates Ltd. (BAL) New Mexico Subsidiary of Meadows. Limited
Partnership with BIL. General
partnership with BCD, BHL and
Meadows.
Bellamah Community New Mexico A general partnership
Development (BCD) among BAL, BHL, and
Meadows.
Bellamah Holding New Mexico Subsidiary of MCB and
Company (BHC) limited partnership with
BIL.
Bellamah Holding Ltd. (BHL) New Mexico Limited Partnership with MCB.
General partnership with BAL, BCD
and Meadows.
Bellamah Investors Ltd. (BIL) New Mexico Limited Partnership with BAL and
BHC.
Republic Holding Company (RHC) Delaware Subsidiary of Meadows.
DIRECT AND INDIRECT SUBSIDIARIES
RELATED TO PREVIOUS DIVERSIFICATION EFFORTS
PLACE OF ADDITIONAL
INCORPORATION OR INFORMATION (IF
NAME ORGANIZATION NEEDED)
---- ----------------- ----------------
Sunbelt Mining Company, New Mexico Wholly owned subsidiary which
Inc. formerly, among other things,
acquired developed, and marketed
coal.
DIRECT SUBSIDIARIES
RELATED TO PREVIOUS GAS GATHERING AND PROCESSING BUSINESSES
PLACE OF ADDITIONAL
INCORPORATION OR INFORMATION (IF
NAME ORGANIZATION NEEDED)
---- ----------------- ----------------
Sunterra Gas Gathering Company New Mexico Primary activities, prior to
June 30, 1995 closing date
on which gas gathering and
processing assets were sold,
were to gather and deliver
natural gas to interstate and
intrastate pipelines and to
sell natural gas to PNM Gas
Services.
Sunterra Gas Processing Company New Mexico Primary activity, prior to the June
30, 1995 closing date on which gas
gathering and processing assets
were sold, was to process natural
gas.
DIRECT AND INDIRECT SUBSIDIARIES
RELATED TO RESTRUCTURING
PLACE OF ADDITIONAL
INCORPORATION OR INFORMATION (IF
NAME ORGANIZATION NEEDED)
---- ----------------- ----------------
PNM Electric and Gas Services New Mexico Shell corporation formed
with initial equity capital of
$1000, created as part of
PNM's plan to comply with
the New Mexico Electric
Utility Industry
Restructuring Act of 1999.
Manzano Energy New Mexico Subsidiary of Avistar
Corporation formed with $100 equity
capital to hold the name
"Manzano Energy
Corporation."
INDIRECT SUBSIDIARIES
RELATED TO TRANSACTION WITH WESTERN RESOURCES, INC.
PLACE OF ADDITIONAL
INCORPORATION OR INFORMATION (IF
NAME ORGANIZATION NEEDED)
---- ----------------- ----------------
HVOLT Enterprises, Inc. Delaware Shell corporation formed
(HVOLT) with $1000 of equity capital
to facilitate a transaction
(the "Transaction") between
PNM Resources and
Western Resources, Inc.
("Western Resources").(2)
HVNM, Inc. (HVNM) New Mexico Shell subsidiary of HVOLT
formed with $1000 equity
--------------------------------
(2) Under the Agreement and Plan of Restructuring and Merger, dated as of
November 8, 2000, among Western Resources, PNM, HVOLT, HVK and HVNM,
HVK, one of HVOLT's newly formed wholly owned subsidiaries, would merge
with and into Western Resources, whereby Western Resources would
become a wholly owned subsidiary of HVOLT, and HVNM, another one of
HVOLT's newly formed wholly owned subsidiaries, would merge with and
into PNM Resources, whereby PNM Resources would become a wholly owned
subsidiary of HVOLT. Whether or not the Transaction can be
consummated on the terms specified by the Agreement and Plan of
Restructuring and Merger is presently the subject of litigation between
the parties.
PLACE OF ADDITIONAL
INCORPORATION OR INFORMATION (IF
NAME ORGANIZATION NEEDED)
---- ----------------- ----------------
capital to facilitate the
Transaction.
HVK, Inc. (HVK) Kansas Shell subsidiary of HVOLT
formed with $1000 equity
capital to facilitate the
Transaction.
MISCELLANEOUS INACTIVE SUBSIDIARIES
PLACE OF ADDITIONAL
INCORPORATION OR INFORMATION (IF
NAME ORGANIZATION NEEDED)
---- ----------------- ----------------
AMDAX.com Nevada 25% owned by Avistar
Gas Company of New New Mexico Subsidiary of Sunbelt to preserve
Mexico the name "Gas Company of New
Mexico"
Paragon Resources, Inc. New Mexico Wholly owned, utility related
subsidiary which formerly provided
services to the PNM electric and
gas services operations.
2. A brief description of the properties of claimant and each of
its subsidiary public utility companies used for the generation,
transmission, and distribution of electric energy for sale, or for the
production, transmission, and distribution of natural or manufactured gas,
indicating the location of principal generating plants, transmission lines,
producing fields, gas manufacturing plants, and electric and gas distribution
facilities, including all such properties which are outside the State in
which claimant and its subsidiaries are organized and all transmission or
pipelines which deliver or receive electric energy or gas at the borders of
such State.
PNM Resources does not own directly any utility properties or perform
any utility operations. PNM Resources's operating subsidiary is PNM and is
described in detail below.
PNM provides retail electric service to a large area of north central
New Mexico, including the cities of Albuquerque, Santa Fe, Rio Rancho, Las
Vegas, Belen and Bernalillo. PNM also provides retail electric service to Deming
in southwestern New Mexico and to Clayton in northeastern New Mexico. As of
December 31, 2000, PNM served approximately 369,000 retail electric customers,
the largest of which accounted for approximately 4.1% of PNM's total electric
revenues for the year ended December 31, 2000.
As of December 31, 2000, the aggregate net generating capacity of PNM's
system was 1,521 megawatts ("MW"). During 2000, the seasonal peak electric
demand experienced by PNM was 1,368 MW during the summer and 1,211 MW during the
winter. PNM served this demand with a combination of the following: (i) 390 MW
of nuclear generated power obtained though PNM's 10.2% interest in the Palo
Verde Nuclear Generating Station ("Palo Verde"), located in Wintersburg,
Arizona; (ii) 765 MW of power from the coal burning units at the San Juan
Generating Station ("SJGS"), located in Waterflow, New Mexico, obtained through
PNM's 50% ownership of SJGS Units 1, 2 and 3 and 38.457% ownership of SJGS Unit
4; (iii) 192 MW of power obtained through PNM's 13% ownership of coal burning
Units 4 and 5 at the Four Corners Power Plant, located in Fruitland, New Mexico;
(iv) 154 MW generated by gas/oil burning units at the Reeves Generating Station,
located in Albuquerque, New Mexico; and (v) 20 MW generated by the gas/oil
burning unit at the Las Vegas Generating Station, located in Las Vegas, New
Mexico. For the year ended December 31, 2000, PNM's electric generation mix was
68.0% coal, 29.8% nuclear, and 2.2% gas/oil.
As of December 31, 2001, PNM has approximately 132 MW of additional
unit contingent peaking capacity as a result of its agreement with the
Delta-Person Limited Partnership ("PLP"), owner of a gas turbine generating unit
located near Albuquerque, New Mexico. PNM entered into a 20 year power purchase
agreement with PLP to purchase approximately 132 MW of unit contingent peaking
capacity, with an option to renew for an additional five years. This brings
PNM's total net generation capacity, consisting of both internal capacity and
external, contracted capacity, to 1,653 MW.
Currently, PNM is constructing a new power plant, known as the Afton
Generating Station, that will provide electricity to southern New Mexico. The
Afton Generating Station will be constructed adjacent to the Afton Compression
Station of El Paso Natural Gas Company, about 12.5 miles southwest of Las
Cruces, New Mexico. The plant is scheduled to be in commercial operation by the
end of October 2002. It will produce 135 MW of electricity in its initial,
simple cycle phase. By the last quarter of 2003, PNM is expected to expand the
plant to a combined-cycle facility, with an output of approximately 225 MW.
PNM has a long-term power purchase agreement (which expires in May,
2011) with Southwestern Public Service Company, under which PNM presently
receives 150 MW of interruptible power. Additionally, PNM has 70 MW of
contingent capacity it
obtains from El Paso Electric Company under a transmission-capacity-for-
generation-capacity trade arrangement that runs through May, 2004.
As of December 31, 2000, PNM's electric transmission facilities
(including jointly owned and leased facilities) consisted of approximately 2,552
circuit miles of electric transmission lines, 4,205 miles of overhead
distribution lines, 3,389 miles of underground distribution lines, and a total
of 210 switching stations and substations, all located in New Mexico. On
February 28, 2001, PNM completed the purchase of several additional transmission
lines and switching stations from Tri-State Generation and Transmission
Association, Inc. The purchase included approximately 335 miles of 115 kV
transmission lines and two complete additional switching stations, and portions
of three switching stations (immediately adjacent to existing PNM-owned
switching stations), all of which are located in New Mexico. PNM's jointly owned
transmission facilities (mentioned above) include approximately 165 miles of 500
kV transmission lines located in Arizona. They are associated with PNM's
interest in Palo Verde.
PNM, distributing natural gas to most of the major communities in New
Mexico, including Albuquerque and Santa Fe, served approximately 435,000 natural
gas customers as of December 31, 2000. The Albuquerque metropolitan area
accounts for approximately 51.7% of the total sales-service customers. PNM
obtains its supply of natural gas primarily from sources within New Mexico
pursuant to contracts with producers and marketers. These contracts are
generally sufficient to meet PNM's peak-day demand. PNM serves certain cities
that depend on El Paso Natural Gas Company or Transwestern Pipeline Company for
transportation of gas supplies. Because these cities are not directly connected
to PNM transmission facilities, gas transported by these companies is the sole
supply source for those cities.
PNM's natural gas properties, as of December 31, 2000, consisted
primarily of natural gas storage, transmission and distribution systems.
Provisions for storage made by PNM include ownership and operation of an
underground storage facility located near Albuquerque, New Mexico. The
transmission systems consisted of approximately 1,464 miles of pipe with
appurtenant compression facilities. The distribution systems consisted of
approximately 10,693 miles of pipe.
3. The following information for the last calendar year with
respect to claimant and each of its subsidiary public utility companies:
a) Number of kwh. of electric energy sold (at retail or
wholesale), and Mcf. of natural or manufactured gas
distributed at retail.
UNITS SOLD
Electric Energy 19,441,071,000 kwh
Natural or
Manufactured Gas 93,865,867 Mcf(3)
------------------------------
(3) Mcf quantities estimated based on actual MMBTU of gas transacted
divided by estimated BTU content.
b) Number of kwh. of electric energy and Mcf. of natural
or manufactured gas distributed at retail outside the
State in which each such company is organized.
UNITS SOLD
Electric Energy -0- kwh
Natural or Manufactured -0- Mcf
Gas
c) Number of kwh. of electric energy and Mcf. of natural
or manufactured gas sold at wholesale outside the
State in which each such company is organized, or at
the State line.
UNITS SOLD
Electric Energy 8,782,214,000 kwh
Natural or
Manufactured Gas 142,975 Mcf(3)
d) Number of kwh. of electric energy and Mcf. of natural
or manufactured gas purchased outside the State in
which each such company is organized, or at the State
line.
UNITS PURCHASED
Electric Energy 5,814,546,000 kwh
Natural or
Manufactured Gas 21,991,045 Mcf(3)
4. The following information for the reporting period with respect
to claimant and each interest it holds directly or indirectly in an EWG or a
foreign utility company, stating monetary amounts in United States dollars:
a) Name, location, business address and description of
the facilities used by the EWG or foreign utility
company for the generation, transmission and
distribution of electric energy for sale or for the
distribution at retail of natural or manufactured
gas.
N/A. The claimant holds no interest, directly or
indirectly, in an EWG or a foreign utility company.
b) Name of each system company that holds an interest in
such EWG or foreign utility company and description
of the interest held.
N/A
c) Type and amount of capital invested, directly or
indirectly, by the holding company claiming
exemption; any direct or indirect guarantee of the
security of the EWG or foreign utility company by the
holding company claiming exemption; and any debt or
other financial obligation for which there is
recourse, directly or indirectly, to the holding
company claiming exemption or another system company
other than the EWG or foreign utility company.
N/A
d) Capitalization and earnings of the EWG or foreign
utility company during the reporting period.
N/A
e) Identify any service, sales or construction
contract(s) between the EWG or foreign utility
company and a system company, and describe the
services to be rendered or goods sold and fees or
revenues under such agreement(s).
N/A
EXHIBIT A
A consolidating statement of income and surplus of the claimant and
its subsidiary companies for the last calendar year, together with a
consolidating balance sheet of claimant and its subsidiary companies as of
the close of such calendar year.
PNM RESOURCES AND SUBSIDIARIES
CONSOLIDATING FINANCIAL STATEMENTS
DECEMBER 31, 2000
The following consolidating financial statements of PNM Resources as of and for
the period presented herein give effect to the holding company structure of PNM
Resources as if its formation had occurred as of January 1, 2000. These
consolidating financial statements are based on Public Service Company of New
Mexico's (PNM) historical consolidated financial statements presented in PNM's
Annual Report on Form 10-K for the fiscal year ended December 31, 2000. The PNM
Resources holding company structure was effected through a one-for-one share
exchange between the shareholders of PNM and PNM Resources on December 31, 2001,
whereby the shareholders of PNM become shareholders of PNM Resources and PNM
Resources acquired all of PNM's common stock (the "Share Exchange"). The basis
for PNM's stockholder's equity transfer is historical cost.
The consolidating financial statements reflect adjustments for certain
intercompany transactions that would have occurred if the Share Exchange had
occurred as of January 1, 2000. These intercompany transactions, pursuant to
certain agreements between PNM Resources and PNM, reflect: a lease for space
owned by PNM Resources and occupied by PNM; a sublease for space leased by PNM
Resources and occupied by PNM; and a services agreement for PNM Resources
services to PNM and PNM's services to PNM Resources. The consolidating financial
statements are not necessarily indicative of the financial position or results
of operations of PNM Resources or PNM that might have been achieved if the Share
Exchange had occurred as of January 1, 2000.
1
PNM RESOURCES AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF EARNINGS AND SURPLUS
YEAR ENDED DECEMBER 31, 2000
PNM PNM SUNBELT PARAGON
RESOURCES CONSOLIDATED AVISTAR MINING RESOURCES
--------- ------------ ------- -------- ---------
(In thousands)
OPERATING REVENUES:
Electric.................................... $ - $1,289,192 $ - $ - $ -
Gas......................................... - 319,924 - - -
Non-Utility................................. - - 2,158 - -
Intercompany................................ 37,300 1,037 - - -
--------- ------------ ------- -------- ---------
Total operating revenues................. 37,300 1,610,153 2,158 - -
--------- ------------ ------- -------- ---------
OPERATING EXPENSES:
Cost of energy sold......................... - 949,880 - - -
Intercompany................................ 1,037 37,300 - - -
Administrative and general.................. 43,058 94,773 9,438 - -
Energy production costs..................... - 139,894 - - -
Depreciation and amortization............... - 93,035 23 - -
Transmission and distribution costs......... - 60,330 - - -
Taxes, other than income taxes.............. 6,026 28,074 305 - -
Income taxes................................ (5,075) 61,848 (3,010) - -
--------- ------------ ------- -------- ---------
Total operating expenses................. 45,046 1,465,134 6,756 - -
--------- ------------ ------- -------- ---------
Operating income......................... (7,746) 145,019 (4,598) - -
--------- ------------ ------- -------- ---------
OTHER INCOME AND DEDUCTIONS:
Equity in earnings from subsidiaries........ 113,079 - - - -
Other....................................... (8,215) 65,701 (3,219) 15 14
Income tax expense.......................... 3,828 (25,473) 1,275 (6) (6)
--------- ------------ ------- -------- ---------
Net other income and deductions.......... 108,692 40,228 (1,944) 9 8
--------- ------------ ------- -------- ---------
Income before interest charges........... 100,946 185,247 (6,542) 9 8
--------- ------------ ------- -------- ---------
INTEREST CHARGES:
Interest on long-term debt.................. - 62,823 - - -
Other interest charges...................... - 3,115 12 - -
--------- ------------ ------- -------- ---------
Net interest charges..................... - 65,938 12 - -
--------- ------------ ------- -------- ---------
NET EARNINGS.................................. 100,946 119,309 (6,554) 9 8
Preferred stock dividend requirements.... - 586 - - -
--------- ------------ ------- -------- ---------
Net Earnings Applicable
to Common Stock...................... 100,946 118,723 (6,554) 9 8
Retained earnings at beginning of year.. - 247,391 (2,086) (18,316) (1,542)
Share exchange.......................... 227,829 - - - -
Common stock dividends.................. (31,346) - - - -
--------- ------------ ------- -------- ---------
RETAINED EARNINGS AT END OF YEAR.............. $297,429 $ 366,114 $(8,640) $(18,307) $(1,534)
========= ============ ======= ======== =========
2
PNM RESOURCES AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF EARNINGS AND SURPLUS (CONTINUED)
YEAR ENDED DECEMBER 31, 2000
SUNTERRA GAS SUNTERRA GAS PNM RESOURCES
GATHERING PROCESSING ELIMINATIONS CONSOLIDATED
------------ ------------ ------------ -------------
(In thousands)
OPERATING REVENUES:
Electric.......................................... $ - $ - $ - $1,289,192
Gas............................................... - - - 319,924
Non-Utility....................................... - - - 2,158
Intercompany.................................... - - (38,337) -
------------ ------------ ------------ -------------
Total operating revenues....................... - - (38,337) 1,611,274
------------ ------------ ------------ -------------
OPERATING EXPENSES:
Cost of energy sold............................... - - - 949,880
Intercompany...................................... - - (38,337) -
Administrative and general........................ - - - 147,269
Energy production costs........................... - - - 139,894
Depreciation and amortization..................... - - - 93,058
Transmission and distribution costs............... - - - 60,330
Taxes, other than income taxes.................... - - - 34,405
Income taxes...................................... - - 201 53,964
------------ ------------ ------------ -------------
Total operating expenses....................... - - (38,136) 1,478,800
------------ ------------ ------------ -------------
Operating income............................... - - (201) 132,474
------------ ------------ ------------ -------------
OTHER INCOME AND DEDUCTIONS:
Equity in earnings from subsidiaries.............. - - (113,079) -
Other............................................. 508 - (508) 54,296
Income tax expense................................ (201) - 201 (20,382)
------------ ------------ ------------ -------------
Net other income and deductions................ 307 - (113,386) 33,914
------------ ------------ ------------ -------------
Income before interest charges................. 307 - (113,587) 166,388
------------ ------------ ------------ -------------
INTEREST CHARGES:
Interest on long-term debt........................ - - - 62,823
Other interest charges............................ - - (508) 2,619
------------ ------------ ------------ -------------
Net interest charges........................... - - (508) 65,442
------------ ------------ ------------ -------------
NET EARNINGS........................................ 307 - (113,079) 100,946
Preferred stock dividend requirements.......... - - - 586
------------ ------------ ------------ -------------
Net Earnings Applicable
to Common Stock.......................... 307 - (113,079) 100,360
Retained earnings at beginning of year...... 1,296 1,086 (227,829) -
Share exchange.............................. - - - 227,829
Common stock dividends...................... - - - (31,346)
------------ ------------ ------------ -------------
RETAINED EARNINGS AT END OF YEAR.................. $1,603 $1,086 $(340,908) $ 296,843
============ ============ ============ =============
3
PNM RESOURCES AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
ASSETS
AS OF DECEMBER 31, 2000
PNM PNM SUNBELT PARAGON
RESOURCES CONSOLIDATED AVISTAR MINING RESOURCES
--------- ------------ ------- ------- ---------
(In thousands)
UTILITY PLANT, AT ORIGINAL COST EXCEPT
PVNGS:
Electric plant in service....................... $ - $2,030,813 $ - $ - $ -
Gas plant in service............................ - 553,755 - - -
Common plant in service and plant
held for future use.......................... 20,305 16,373 - - -
--------- ------------ ------- ------- ---------
20,305 2,600,941 - - -
Less accumulated depreciation and
amortization................................. 8,537 1,144,840 - - -
--------- ------------ ------- ------- ---------
11,768 1,456,101 - - -
Construction work in progress................... 1,965 121,671 17 - -
Nuclear fuel, net of accumulated
amortization of $19,081...................... - 25,784 - - -
--------- ------------ ------- ------- ---------
Net utility plant............................ 13,733 1,603,556 17 - -
--------- ------------ ------- ------- ---------
OTHER PROPERTY AND INVESTMENTS:
Investment in Subsidiaries...................... 874,907 - - - -
Other investments............................... - 468,419 11,402 - -
Non-utility property, net of accumulated
depreciation of $1,644....................... - 1,799 1,799 - 68
--------- ------------ ------- ------- ---------
Total other property and investments......... 874,907 470,218 13,201 - 68
--------- ------------ ------- ------- ---------
CURRENT ASSETS:
Cash and cash equivalents....................... - 94,969 12,093 306 305
Accounts receivable, net of allowance for
uncollectible accounts of $8,963............. - 242,752 (10) - -
Intercompany.................................... 39,674 13,146 2,440 803 -
Other receivables............................... 10,219 51,021 3,595 20 2
Inventories..................................... - 36,064 27 - -
Regulatory assets............................... - 47,604 - - -
Other current assets............................ - 11,417 - - -
--------- ------------ ------- ------- ---------
Total current assets......................... 49,893 496,973 18,145 1,129 307
--------- ------------ ------- ------- ---------
DEFERRED CHARGES:
Regulatory assets............................... - 226,849 - - -
Prepaid pension cost............................ - 18,116 - - -
Other deferred charges.......................... - 38,062 11 - -
--------- ------------ ------- ------- ---------
Total deferred charges....................... - 283,027 11 - -
--------- ------------ ------- ------- ---------
$938,533 $2,853,774 $31,374 $1,129 $375
========= ============ ======= ======= =========
4
PNM RESOURCES AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
ASSETS (CONTINUED)
AS OF DECEMBER 31, 2000
SUNTERRA GAS SUNTERRA GAS PNM RESOURCES
GATHERING PROCESSING ELIMINATIONS CONSOLIDATED
------------ ------------ ------------ -------------
(In thousands)
UTILITY PLANT, AT ORIGINAL COST EXCEPT
PVNGS:
Electric plant in service.......................... $ - $ - $ - $2,030,813
Gas plant in service............................... - - - 553,755
Common plant in service and plant
held for future use............................. - - - 36,678
------------ ------------ ------------ -------------
- - - 2,621,246
Less accumulated depreciation and
amortization.................................... - - - 1,153,377
------------ ------------ ------------ -------------
- - - 1,467,869
Construction work in progress...................... - - - 123,653
Nuclear fuel, net of accumulated
amortization of $19,081......................... - - - 25,784
------------ ------------ ------------ -------------
Net utility plant............................... - - - 1,617,306
------------ ------------ ------------ -------------
OTHER PROPERTY AND INVESTMENTS:
Investment in Subsidiaries......................... - - (874,907) -
Other investments.................................. - - - 479,821
Non-utility property, net of accumulated
depreciation of $1,644.......................... - - - 3,666
------------ ------------ ------------ -------------
Total other property and investments............ - - (874,907) 483,487
------------ ------------ ------------ -------------
CURRENT ASSETS:
Cash and cash equivalents.......................... 8 10 - 107,691
Accounts receivable, net of allowance for
uncollectible accounts of $8,963................ - - - 242,742
Intercompany....................................... 9,817 190 (66,070) -
Other receivables.................................. - - - 64,857
Inventories........................................ - - - 36,091
Regulatory assets.................................. - - - 47,604
Other current assets............................... - - - 11,417
------------ ------------ ------------ -------------
Total current assets............................ 9,825 200 (66,070) 510,402
------------ ------------ ------------ -------------
DEFERRED CHARGES:
Regulatory assets.................................. - - - 226,849
Prepaid pension cost............................... - - - 18,116
Other deferred charges............................. - - - 38,073
------------ ------------ ------------ -------------
Total deferred charges.......................... - - - 283,038
------------ ------------ ------------ -------------
$9,825 $200 $(940,977) $2,894,233
============ ============ ============ =============
5
PNM RESOURCES AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
CAPITALIZATION AND LIABILITIES
AS OF DECEMBER 31, 2000
PNM PNM SUNBELT PARAGON
RESOURCES CONSOLIDATED AVISTAR MINING RESOURCES
--------- ------------ ------- ------- ---------
(In thousands)
CAPITALIZATION:
Common stock equity:
Common stock outstanding - 39,118 shares $195,589 $ - $ - $ - $ -
Additional paid-in capital.................... 432,222 - - - -
Accumulated other comprehensive income,
net of tax................................... (338) 311 - - -
Equity invested in subsidiaries............... - 473,116 33,915 18,527 1,816
Retained earnings............................. 297,429 366,114 (8,640) (18,307) (1,534)
--------- ------------ ------- -------- ---------
Total common stock equity.................. 924,902 839,541 25,275 220 282
Minority interest............................... - 12,211 - - -
Cumulative preferred stock without
mandatory redemption requirements............ - 12,800 - - -
Long-term debt, less current maturities......... - 953,823 - - -
--------- ------------ ------- -------- ---------
Total capitalization....................... 924,902 1,818,375 25,275 220 282
--------- ------------ ------- -------- ---------
CURRENT LIABILITIES:
Accounts payable................................ - 257,724 267 - -
Intercompany accounts payable................... 12,131 49,677 2,567 909 75
Accrued interest and taxes...................... - 36,880 9 - -
Other current liabilities....................... - 66,933 825 - -
--------- ------------ ------- -------- ---------
Total current liabilities.................. 12,131 411,214 3,668 909 75
--------- ------------ ------- -------- ---------
DEFERRED CREDITS:
Accumulated deferred income taxes............... 1,500 166,673 (1,942) - 18
Accumulated deferred investment
tax credits.................................. - 47,853 - - -
Regulatory liabilities.......................... - 65,552 - - -
Regulatory liabilities related to accumulated
deferred income tax.......................... - 20,696 - - -
Accrued postretirement benefits cost............ - 11,899 - - -
Other deferred credits.......................... - 311,512 4,373 - -
--------- ------------ ------- -------- ---------
Total deferred credits..................... 1,500 624,185 2,431 - 18
--------- ------------ ------- -------- ---------
$938,533 $2,853,774 $31,374 $ 1,129 $ 375
========= ============ ======= ======== =========
6
PNM RESOURCES AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
CAPITALIZATION AND LIABILITIES (CONTINUED)
AS OF DECEMBER 31, 2000
SUNTERRA GAS SUNTERRA GAS PNM RESOURCES
GATHERING PROCESSING ELIMINATIONS CONSOLIDATED
------------ ------------ ------------ -------------
(In thousands)
CAPITALIZATION:
Common stock equity:
Common stock outstanding - 39,118 $ - $ - $ - $ 195,589
Additional paid-in capital....................... - - - 432,222
Accumulated other comprehensive income,
net of tax...................................... - - - (27)
Equity invested in subsidiaries.................. 7,511 (886) (533,999) -
Retained earnings................................ 1,603 1,086 (340,908) 296,843
------------ ------------ ------------ -------------
Total common stock equity..................... 9,114 200 (874,907) 924,627
Minority interest.................................. - - - 12,211
Cumulative preferred stock without
mandatory redemption requirements............... - - - 12,800
Long-term debt, less current maturities - - - 953,823
------------ ------------ ------------ -------------
Total capitalization.......................... 9,114 200 (874,907) 1,903,461
------------ ------------ ------------ -------------
CURRENT LIABILITIES:
Accounts payable................................... - - - 257,991
Intercompany accounts payable...................... 711 - (66,070) -
Accrued interest and taxes......................... - - - 36,889
Other current liabilities.......................... - - - 67,758
------------ ------------ ------------ -------------
Total current liabilities..................... 711 - (66,070) 362,638
------------ ------------ ------------ -------------
DEFERRED CREDITS:
Accumulated deferred income taxes.................. - - - 166,249
Accumulated deferred investment
tax credits..................................... - - - 47,853
Regulatory liabilities............................. - - - 65,552
Regulatory liabilities related to accumulated
deferred income tax............................. - - - 20,696
Accrued postretirement benefits cost............... - - - 11,899
Other deferred credits............................. - - - 315,885
------------ ------------ ------------ -------------
Total deferred credits........................ - - - 628,134
------------ ------------ ------------ -------------
$9,825 $ 200 $(940,977) $2,894,233
============ ============ ============ =============
7
EXHIBIT B
An organizational chart showing the relationship of each EWG or
foreign utility company to associate companies in the holding-company system.
N/A
The above-named claimant has caused this statement to be duly executed
on its behalf by its authorized officer on this 31st day of December, 2001.
PNM RESOURCES, INC.
By: /s/ J. E. Sterba
-----------------------
J. E. Sterba
Chairman, President and Chief
Executive Officer
CORPORATE SEAL
Attest:
/s/ Jim Acosta
----------------------------------------
Jim Acosta, Assistant Secretary
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
T. R. Horn, Vice President and Treasurer
----------------------------------------------------
(Name) (Title)
PNM, Alvarado Square, Albuquerque, NM 87158
----------------------------------------------------
(Address)